Need . 1. list the main differences between a free-market system, a command economy, and a mixed economy. 2. what type of economic system does the united states have? explain

A truly free-market system refers to an economy in which the government has no interference with businesses. In this type of economy, the only individuals involved in business transactions would be the consumer and the supplier. This system allows for a significant amount of individual freedom, as consumers can buy whatever they want, as long as they have the money to pay for it.

A free-market system is the complete opposite of a command economy. A command economy is one in which the government would control how many products a company would make, what the products cost, and the price of goods and services.

A mixed economy is one that includes aspects of both a command and free-market system. This is what the United States uses currently. We have free-market characteristics as citizens are able to buy goods/services as long as they can afford it. Along with this, the US government very rarely gets involved in manipulating the prices of goods or services. However, the US economy also has elements of a command economy. An example of a command economy seen in the US is the minimum wage law. In a command economy, the government would set up how much money workers make. In the US we see a similar version of this, as there is a federal minimum wage law. Along with this, the US government also gets involved with the economy by making laws that regulate the way businesses operate.

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